Best Life Insurance Companies in Yonkers, NY

Based on MoneyGeek’s evaluation of life insurance providers in Yonkers, New York, Mutual of Omaha offers the best policies for the average adult. For young adults, MassMutual offers the cheapest rates, while State Farm offers the best rates for seniors and smokers. The cost of a life insurance policy starts at $13 per month for a policy with a $250K coverage limit or $27 per month for a policy with the state-recommended coverage amount.

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Advertising & Editorial DisclosureLast Updated: 12/22/2022
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If you pass away, your life insurance policy provides financial support to your loved ones. Hence, life insurance is a smart investment that also gives you peace of mind. To get the best deal on a policy that meets your needs, it’s important to shop around and compare rates from different providers. MoneyGeek provided an analysis of the best life insurance companies based on age, gender and smoking history to help you find the right one for you.

MoneyGeek Logo IconBestLife InsuranceYonkers, NY
2023

Best Life Insurance Companies in Yonkers, NY, for 2023

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Best Cheap Life Insurance in Yonkers

The coverage amount included in your life insurance policy and your gender determine the cost of your premium. For a policy with a $250K coverage limit, Progressive Life offers the cheapest rates for men at an average of $13 per month. Mutual of Omaha is the least expensive for women, with policies costing an average of $11 per month.

Although a policy with a $250K coverage limit costs less, it may not provide your beneficiaries with sufficient coverage. To approximate how much coverage you may need, you can refer to the state’s recommended coverage amount. The recommended coverage amount in New York of $966K is based on the state’s cost of living, average income, average personal debt, average age and other state-specific factors. For this higher coverage level, Mutual of Omaha offers the cheapest life insurance rates for men and women at $27 and $19 per month, respectively.

Cheapest Life Insurance Companies for Males and Females in Yonkers
  • Cheapest For
    $250K Coverage
    $966K Coverage (Recommended)
  • Male

    MassMutual

    MassMutual

  • Female

    MassMutual

    Nationwide

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Life Insurance Costs in Yonkers for Men and Women

In Yonkers, the life insurance rates for men are 5% higher than the average cost of life insurance in New York. However, women in Yonkers pay 1% less for life insurance than the average rate in the state.

Gender is one of the main factors that impacts the cost of life insurance. In Yonkers, the average cost of a $250K policy is $16 for males and $15 for females.

The amount of coverage and length of the policy also affect the cost of life insurance. In New York, the state-recommended coverage amount is $966K. Several factors determine this amount, including per capita income, average mortgage debt, average personal debt and average age. Men in Yonkers can expect to pay $46 per month for the state-recommended coverage, while women will pay $37 per month. For a 10-year term, regardless of coverage limit, males pay $26 per month while females pay $22 per month.

Average Monthly Life Insurance Rates in Yonkers: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • MassMutual
    $9
    $19
  • Nationwide
    $9
    $19
  • Mutual of Omaha
    $10
    $20
  • Transamerica
    $12
    $33
  • AAA
    $13
    $35
  • State Farm
    $21
    $40
  • Progressive Life
    $17
    $43
  • Prudential
    $24
    $50
Average Monthly Life Insurance Rates in Yonkers: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $9
    $15
  • MassMutual
    $8
    $16
  • Mutual of Omaha
    $9
    $16
  • Transamerica
    $11
    $27
  • State Farm
    $17
    $37
  • AAA
    $14
    $42
  • Progressive Life
    $16
    $42
  • Prudential
    $17
    $48

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Yonkers using average buyer profile statistics, including the average age of 31, the average weight of 184 pounds for males and 145 pounds for females, and an average coverage need of $966,000.

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LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

When it comes to life insurance costs, gender plays an important role. Because women have a longer life expectancy than men, they receive lower insurance premiums. Men are statistically more likely to engage in risky behavior, perform dangerous jobs or develop heart disease, all of which contribute to their reduced life expectancy.

However, men are more likely than women to purchase life insurance. Regardless of their working status, women are important contributors to their household economies and thus ideal candidates for life insurance.

Most Popular Life Insurance Companies in New York

MassMutual, New York Life and Guardian are the three most popular life insurance companies in New York with respective market shares of 11%, 10% and 8%. Overall, the seven most popular companies in New York state make up 54% of the market share.

In the table below, MoneyGeek lists the most popular life insurance companies in New York and their market shares.

Most Popular Life Insurance Companies in New York

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  • Company
    Market Share
  • MassMutual
    11%
  • New York Life
    10%
  • MetLife
    8%
  • Northwestern Mutual
    8%
  • Guardian
    8%
  • Prudential
    6%
  • Lincoln Financial
    4%
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MONEYGEEK DICTIONARY

The market share of a company is determined by its sales share in an industry. The market share of a company determines its dominance on a particular market. The larger a company's market share, the more sales it generates compared to its rivals.

This MoneyGeek guide highlights the top New York life insurance companies based on S&P Global's 2020 market intelligence reports.

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Cheapest Life Insurance for Young People in Yonkers

Young people in Yonkers can expect to pay an average premium between $20 and $33 per month for life insurance. The following companies offer the most affordable policies for young people in Yonkers:

  • MassMutual: $20 per month
  • Mutual of Omaha: $20 per month

Review other life insurance quotes in Yonkers for young people in the table below.

Best Life Insurance Companies for Young People in Yonkers, NY

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  • Company
    Monthly Cost
  • Transamerica
    $14
  • Mutual of Omaha
    $16
  • MassMutual
    $16
  • AAA
    $19
  • State Farm
    $20
  • Prudential
    $20
  • Nationwide
    $21
  • Progressive Life
    $24

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Yonkers who is 5 feet 10 inches and 156 pounds that purchases a 20-year term contract at the average coverage need of $380K. We chose a 20-year term to provide a longer coverage period for a younger buyer.

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

Generally, life insurance premiums are lower for young adults under the age of 25. Insurers charge more for insurance as you get older and become more susceptible to age-related ailments. As such, life insurance is most cost-effective when purchased at a young age.

Cheapest Life Insurance for Seniors in Yonkers

Depending on the age of the senior living in Yonkers, life insurance costs range between $48 and $91 per month. The top two most affordable life insurance companies in Yonkers for seniors are:

  • State Farm: $48 per month
  • Mutual of Omaha: $51 per month

We’ve included a comprehensive list of other affordable life insurance providers for seniors in the table below.

Best Life Insurance Companies for Seniors in Yonkers, NY

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  • Company
    Monthly Cost
  • MassMutual
    $35
  • Nationwide
    $39
  • Mutual of Omaha
    $39
  • State Farm
    $47
  • Transamerica
    $50
  • AAA
    $51
  • Progressive Life
    $61
  • Prudential
    $70

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Yonkers who is 5 feet 10 inches and 184 pounds that purchases a 10-year term contract at the average coverage need of $113K.

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LIFE INSURANCE COSTS MORE FOR SENIORS

Since older adults are closer to their life expectancy, they often pay more for life insurance. However, it’s still possible to save money on life insurance by getting less coverage. A low-coverage policy is likely sufficient for seniors, since their beneficiaries are grown adults who can provide for themselves.

Life insurance is typically only needed to cover funeral arrangements and pay off any outstanding debts after the death of a senior. Because of this, we set our sample policy coverage at $113K for seniors in Yonkers.

Cheapest Life Insurance for Smokers in Yonkers

A life insurance policy in Yonkers costs between $172 and $230 per month for smokers. In Yonkers, the following companies offer the cheapest life for smokers:

  • State Farm: $172 per month
  • Mutual of Omaha: $184 per month

The table below lists additional insurers that offer the cheapest policies for smokers in the city.

Best Life Insurance Companies for Smokers in Yonkers, NY

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  • Company
    Monthly Cost
  • MassMutual
    $138
  • State Farm
    $140
  • Mutual of Omaha
    $150
  • Nationwide
    $151
  • Transamerica
    $156
  • Prudential
    $167
  • Progressive Life
    $216
  • AAA
    $268

Rates were determined by analyzing quotes for a 31-year-old male smoker in Yonkers who is 5 feet 10 inches and 184 pounds that purchases a 20-year term contract at the average coverage need of $966K.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Smokers pay higher premiums because smoking can lead to adverse long-term health effects. The good news is that people who smoke can still find cheap life insurance. The cost of life insurance exponentially increases for smokers as they age, so MoneyGeek recommends purchasing a longer-term policy of at least 20 years to lock in lower rates.

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Methodology

MoneyGeek determined the recommended life insurance coverage by factoring in per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age. Keep in mind that each buyer is unique and may need more or less coverage depending on their specific circumstances.

About the Author


Mark Fitzpatrick headshot

Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


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